ZJQY(SH:600210)2024-09-05 07:12Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][6]. Core Insights - The company's 2024 mid-year report shows a stable performance in its packaging business, with a notable improvement in profitability. Revenue for H1 2024 was CNY 4.668 billion, a slight decline of 1.6% year-on-year, while net profit attributable to shareholders increased by 16.3% to CNY 354 million [4][6]. - The beverage packaging segment demonstrated resilience, achieving revenue of CNY 2.372 billion in H1 2024, a year-on-year increase of 2.3%. The company is actively expanding its customer base and product offerings, which has contributed to stable growth [4][6]. - The soft packaging business showed strong growth, with H1 2024 revenue reaching CNY 1.376 billion, up 12.3% year-on-year. The company has successfully partnered with major clients and is focusing on environmentally friendly products [4][6]. - The aluminum-plastic film segment faced challenges, with H1 2024 revenue declining by 30.8% to CNY 260 million. However, the company maintains a competitive edge due to high capacity utilization and advanced production processes [6]. - The trading business has significantly reduced losses, with H1 2024 revenue of CNY 293 million, down 27.5% year-on-year, and a loss of CNY 6.06 million, an improvement from the previous year's loss [6]. - The real estate segment is expected to improve profitability as pre-sold properties begin to generate revenue, with contract liabilities reaching CNY 1.864 billion by the end of H1 2024 [6]. Financial Summary - Total revenue for 2024 is projected at CNY 9.671 billion, with a year-on-year growth rate of 6.1%. Net profit is expected to reach CNY 712 million, reflecting a growth rate of 27.3% [5][8]. - The company has maintained a consistent dividend policy, with a dividend of CNY 0.25 per share over the past four years, resulting in a current dividend yield of 4.9% [6].